Helpful Tax Strategies for Business Owners
Michael A York (son of Gary A York, 1939-2016)
Michael A York & Associates has generated a brief list of helpful tax strategies for business owners to use to minimize their tax bills. Following the mission of Gary A York & Associates, the firm is dedicated to seeking out strategies that save individuals and businesses money.
1. Distinguish between a "hobby" and a "business" when analyzing expenses
Clients who run businesses can take advantage of numerous tax benefits when accounting for their expenses. Examples include a home office, courses, office supplies, meals, travel, and vehicles. Contact Michael A York & Associates today at 801-REFUNDS to discuss this strategy further.
2. Give Your Children Work
If you have children under 18 who perform legitimate work for your business, any reasonable payment you give for their services is not held subject to Social Security and Medicare taxes as long as your business is a sole proprietorship (or, if it's a partnership and each partner is a parent of the child), as stated by the IRS. Contact Michael A York & Associates today at 801-REFUNDS to discuss this strategy further.
By understanding the tax benefits available to those who run businesses, you can make sure that you don't miss any claims on potential tax deductions that can save you money. At Michael A York & Associates, we are here to make sure that you take advantage of strategies such as these. Contact Michael A York & Associates today at 801-REFUNDS to look for even more ways to save money.
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